KUALA LUMPUR: Baby, children and maternity products distrbutor Kim Hin Joo (Malaysia) Bhd
is undettered by the cautious debut on the ACE Market on Monday as it seeks to deliver performance.
Its chairman Pang Kim Hin said his main focus was to deliver performance for the company, citing the increasing profitability of the company in the last five years.
“The most important thing is to look forward. The value of the company will increase once everyone sees the profitability increasing which has been done in the last five year. I will make sure it is delivered as well,” he said during the press conference.
It opening at 39 sen with 3.56 mil shares done, which was four sen below its offer price of 43 sen. There were 3.56 million shares done.
At 9.08am, it was lower at 36.5 sen, while prices ranged from 39sen to 36.5sen
The IPO involved 76 million new ordinary shares, out of which 19 million were opened to the public, which was oversubscribed 7.67 times.
The balance shares of 47 million were issued through a private placement to identified institutional and selected invites and 10 million were reserved for eligible directors, employees and people who have contributed to the success of the company and subsidiaries.
Upon listing, it’s market capitalisation was of RM148.2mil.
The business expansion plans involve expanding its existing Mothercare and Early Learning Centre retail network as well as opening of The Entertainer toy outlets.
Pang noted that the company also intends to secure more brands and products as well as promote existing brands to increase their sales.
It would also revamp and upgrade its IT infrastructure system and e-commerce platform.
To-date, Kim Hin Joo has 17 Mothercare outlets and 11 Early Learning Centre stores. The company sells a total of 184 brands of clothing, home, travel and toys.
Already a subscriber? Log in
The Star Festive Promo: Get 35% OFF Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
